The Associated Press is reporting that the country's fourth largest mobile carrier T-Mobile USA has completed the acquisition of rival mobile phone carrier MetroPCS. T-Mobile will add the company's estimated 9 million customers to its own 34 million users. While T-Mobile has no plans to make any immediate changes, the company does plan on shutting down MetroPCS’s network over the next two years. T-Mobile bought the company for its infrastructure and airwaves to boost its own network coverage and data speeds.

Under terms of the deal, MetroPCS shareholders get $4.08 per share in cash, which comes in at right around $1.5 billion. MetroPCS shareholders also get half a share of the new company for each MetroPCS share, resulting in a 26 percent ownership stake. The rest of the company will be owned by Deutsche Telekom.

John Legere will serve as the new company's president and CEO , while former MetroPCS Vice Chairman and Chief Financial Officer J. Braxton Carter will serve as CFO. The company's board will be comprised of 11 board members, including two of MetroPCS’ existing directors. Deutsche Telekom Deputy CEO and Chief Financial Officer Tim Höttges will serve as chairman. The combined company will be based in Bellevue, Wash., and will hold a significant presence in Richardson, Texas as well.